Petrol prices have skyrocketed in many parts of Nigeria, with independent oil marketers selling Premium Motor Spirit (PMS) at rates ranging between N900 and N1,000 per litre. This significant increase contrasts sharply with the prices at Nigerian National Petroleum Company (NNPC) stations, where petrol is sold for N568 to N617 per litre, leading to long queues at these outlets.
The Federal Government has expressed concern over the exorbitant prices charged by independent marketers. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has vowed to close down any filling stations found selling petrol at such inflated rates. NMDPRA spokesperson George Ene-Ita emphasized that the agency's reports from depot officials show different prices than what marketers claim they are paying.
Independent marketers argue that they are forced to sell at high prices due to the steep costs of purchasing petrol from private depot owners, who allegedly sell at N850 per litre. This, they claim, is why they have set such high pump prices. However, the NMDPRA maintains that the ex-depot prices communicated by the NNPC do not justify the high retail prices and that the regulatory body will take action against any marketers exploiting the situation.
Despite the government’s warnings, the fuel crisis persists, with private depot owners reportedly increasing their prices due to low supply from the NNPC. This situation has allowed independent marketers to significantly increase their profit margins, leading to widespread public frustration.
In various regions, including Lagos, Ogun, Osun, Yobe, and Kano states, independent marketers continue to sell petrol at prices ranging from N900 to N1,000 per litre. In response, black market activities have surged, with petrol being sold at N1,200 to N1,300 per litre in Kano.
The ongoing fuel crisis has also led to increased transportation costs, with commercial bus operators raising their fares by as much as 50% in response to the high cost of fuel.
As Nigerians grapple with the effects of the fuel price hike, there are calls for the government to intervene decisively to restore normalcy in the supply and pricing of petrol across the country.
